Takeaway.com raised its bid for Just Eat just minutes after Naspers spin-off Prosus upped its offer, intensifying a battle for ownership of the UK food delivery firm.
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Just Eat has rejected Naspers spin-off Prosus’s higher bid saying that the latest offer still significantly undervalues the company.
Naspers spin-off Prosus has raised its bid for UK food delivery firm Just Eat as it tries to win over investors and beat out an offer from rival Takeaway.com.
Naspers unlocked about R150-billion of value for shareholders through the separate listing of its Internet businesses, and with that done is now focusing on bulking up in online food deliveries.
Takeaway.com CEO Jitse Groen said it doesn’t make sense to overpay in its bid to gain control of rival Just Eat as it battles Naspers Internet spin-off Prosus, which officially filed its hostile offer for Just Eat on Monday.
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Prosus has been accused of “selling down” and trying to depress the share price of its rival Takeaway.com in the fight to gain control of Just Eat.
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Prosus may be a bit late with its offer to buy Just Eat: Takeaway.com and Just Eat announced their proposed transaction at the beginning of August and have already published a schedule of events to finalise it.